Business Directories

Bahrain to issue new dinar notes on Monday

Manama, March 15, 2008

The Central Bank of Bahrain (CBB) will release new Bahrain banknotes for circulation on Monday (March 17).

The new banknotes are being issued in the existing denominations of BD20, BD10, BD5, BD1 and BD1/2. No change is being made to the coins in circulation, said Dr Abdulrahman Saif, executive director, banking operations, CBB.

The existing banknotes will remain a legal tender until further notice from the CBB. “The new banknotes and the existing banknotes will co-circulate for a period of time, at least one year, to allow for all existing banknotes to be returned to the CBB in the normal course of business,” said Dr Saif.

“The CBB has been working with Bahrain’s retail banks, money changers and other relevant Government and private organizations, to ensure a smooth and efficient changeover to the new banknotes,” said Dr Saif.

Most automated teller machines (ATMs) in the Kingdom will begin dispensing the new banknotes from 12.01 am on March 17. The ATMs will start the programming process in the early evening tomorrow and as such they will not be able to service customers till they are ready to dispense the new notes on March 17.

However, some ATMs in different locations will work, Dr Saif said.

The new family of Bahrain banknotes feature brand new designs as well as new and improved security features. All five denominations of banknotes are of uniform size (measuring 154 mm x 74 mm), which is slightly larger than the existing banknotes.

“The change to the new currency was necessitated by the enactment of the Central Bank of Bahrain and Financial Institutions Law (CBB Law) in September 2006,” said Dr Saif.

“The new currency reflects this significant change and each denomination of new banknotes bears the name of the Central Bank of Bahrain.”

“People do not need to rush out and exchange existing currency for the new. The existing banknotes will continue to be accepted as money for at least one year, and they will remain redeemable by the CBB for a further period of time after being withdrawn from circulation,” he said.

The design highlights of the new banknotes are:

BD20 banknote: The colour of this note is brown and light blue. The banknote bears a portrait of His Majesty King Hamad Bin Isa Al Khalifa. The reverse side features Al Fateh Islamic Center.

BD10 banknote: The colour of this note is predominantly green. The banknote bears a portrait of His Majesty King Hamad Bin Isa Al Khalifa. The reverse side features the Shaikh Isa Bin Salman Al Khalifa Causeway.

BD5 banknote: The colour of this note is predominantly blue. The banknote bears images of Shaikh Isa House in Muharraq and Riffa Fort. The reverse side features the first oil well in Bahrain and Aluminium Bahrain (Alba).

BD1 banknote: The colour of this note is predominantly red. The banknote bears an image of Al Hedaya Al Khalifiya School, Bahrain’s first school. The reverse side features galloping Arabian horses, and the Sail and Pearl monuments.

BD1/2 banknote: The colour of this note is predominantly orange and brown. The banknote bears an image of the old Bahrain Court. The reverse side features the Bahrain International Circuit.

“The new banknotes also incorporate enhancements to the security features, as well as some new features. This is designed to make the new currency easier to authenticate, harder to duplicate and more secure than ever before,” said Dr Saif.

In addition to the security features, the new banknotes also incorporate, for the first time, a feature to enable the visually-impaired to easily recognise the value of each note. The feature comprises a series of short, raised lines, which appear at the top right on the front face of the note. The BD1/2 has one line; BD1 has two lines and so on, up to BD20, with five lines.

A CBB Helpline will also be activated on March 17, 2008, to receive any inquiries<